BioMed Realty, L.P. Key Developments

BioMed Realty, L.P. has given notice of its intention to redeem all of its outstanding 3.75% Exchangeable Senior Notes due 2030, pursuant to its option under the Indenture. The redemption date is January 30, 2015, and the redemption price is 100% of the principal amount of the Notes plus $1.4583 per $1,000 principal amount of Notes, which is the amount of accrued and unpaid interest thereon to, but excluding, the Redemption Date. As of December 11, 2014, there was approximately $95.7 million aggregate principal amount of the Notes outstanding.

On April 23, 2014, BioMed Realty, L.P., the operating partnership subsidiary of BioMed Realty Trust Inc. (the Company), issued $400.0 million aggregate principal amount of its 2.625% Senior Notes due 2019 (the Notes). The terms of the Notes are governed by a base indenture, dated March 30, 2011, by and among the Operating Partnership, as issuer, the Company, as guarantor, and U.S. Bank National Association, as trustee (the Trustee), as supplemented by a supplemental indenture, dated as of April 23, 2014, by and among the Operating Partnership, the Company and the Trustee (the base indenture and the supplemental indenture, collectively the Indenture). The Indenture contains various restrictive covenants, including limitations on the Operating Partnership's ability to incur additional indebtedness, requirements to maintain a pool of unencumbered assets and requirements to maintain insurance with financially sound and reputable insurance companies. Copies of the base indenture and supplemental indenture, including the form of the Notes and guarantee of the Notes by the Company. The net proceeds from the issuance of the Notes will be approximately $394.5 million, after deducting the underwriters' discounts and the Operating Partnership's estimated offering expenses.

BioMed Realty, L.P. entered into an amended and restated unsecured credit agreement (the Amended and Restated Credit Facility), amending and restating its unsecured credit agreement dated July 14, 2011, as amended, and a second amendment (the Term Loan Amendment") to its senior unsecured term loan facility dated March 30, 2012, as amended, with KeyBank National Association, as administrative agent, and certain other lenders. The Amended and Restated Credit Facility provides for aggregate borrowings of up to $1.25 billion, consisting of a revolving line of credit of $900 million and a term loan of $350 million (the Term Loan"), with a maturity date of March 24, 2018. Subject to the administrative agent's reasonable discretion, the Operating Partnership may increase the amount of the commitments under the Amended and Restated Credit Facility up to $1.8 billion upon satisfying certain conditions. In addition, the Operating Partnership, at its sole discretion, may extend the maturity date to September 24, 2018 after satisfying certain conditions and paying an extension fee. Borrowings under the Amended and Restated Credit Facility bear interest at floating rates equal to, at the Operating Partnership's option, either (1) reserve-adjusted LIBOR plus a spread which ranges from 92.5 to 170 basis points (with respect to Line Loans) and a spread which ranges from 95 to 195 basis points (with respect to Term Loans), in each case depending on the company's credit ratings, or (2) the higher of (a) the prime rate then in effect plus a spread which ranges from 0 to 70 basis points, (b) the federal funds rate then in effect plus a spread which ranges from 50 to 120 basis points, or (c) one-month LIBOR plus a spread which ranges from 92.5 to 170 basis points, in each case depending on the company's credit ratings. In addition, a facility fee is payable on the total $900 million capacity of the Line Loan, which ranges from 12.5 to 30 basis points per annum, depending on the company's credit ratings.

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